By Liam Egan
GoldmanSachs JBWere has outsourced its platform and portfolio services to Avanteos as part of a review of its services to its Private Clients planning business.
The move follows a 70 per cent growth in Goldman Sachs JBWere’s key platform service, Premium, over the past year.
Chief operating officer Craig Drummond said the “scale requirements” created by the growth made it necessary for the group to outsource.
“Clients will benefit from an expanded product offering and service continuity,” he said.
The entire Goldman Sachs JBWere platforms team are to be offered positions with Avanteos, a fully-owned subsidiary of the Commonwealth Bank, and are expected to be transferred early next year.
Avanteos chief executive Chris Stevens said the agreement provided it with a “substantial boost in scale, strengthening our service proposition, particularly in the high-net-worth client segment, and providing benefits to our wholesale customers”.
Meanwhile, Goldman Sachs JBWere has sold its Australian margin lending business, Goldman Sachs JBWere Equity Finance, to Adelaide Bank for $61 million.
Combined with Adelaide Bank’s existing margin lending subsidiary, Leveraged Equities, the acquisition makes the bank Australia’s second largest margin lender, with a loan book worth $2.6 billion.
